Alhambra Resources Ltd.
TSX VENTURE : ALH
FRANKFURT : A4Y

Alhambra Resources Ltd.

April 15, 2010 07:00 ET

Alhambra Resources Ltd.: Exploration Updates-Shirotnaia

CALGARY, ALBERTA--(Marketwire - April 15, 2010) - Alhambra Resources Ltd. (TSX VENTURE:ALH) (FRANKFURT:A4Y)("Alhambra" or the "Corporation") is pleased to provide additional exploration updates at Alhambra's 100% owned Shirotnaia Zone ("Shirotnaia"). Shirotnaia is one of Alhambra's 2010 advanced drilling targets within the Corporation's 100% owned, 2.7 million acre, Uzboy Project located in north central Kazakhstan (see location map, Figure 1). The Shirotnaia gold discovery is located approximately 3 kilometres ("kms") northeast of the KazakhGold Group Limited ("KazakhGold") mining allotment which hosts the Aksu and Quartzite Hills gold deposits having reported resources of approximately 15 million ounces(1).

In 2007, Alhambra announced a gold discovery at Shirotnaia due to a successful diamond drilling program whereby 17 of 18 holes drilled intersected significant intervals of gold mineralization. In 2008, a bedrock geochemical sampling program resulted in the discovery of three new gold anomalies located approximately 6 kms east of the Shirotnaia gold discovery announced by Alhambra in 2007 and northeast of the Aksu and Quartzite Hills gold deposits. This bedrock sampling program supported Alhambra's interpretation that Shirotnaia has the potential to become a very significant gold bearing area.

In February, 2010, the balance of the samples from rotary air-blast ("RAB") drilling samples taken in 2008 was analyzed and the results have been subsequently interpreted. A map of the gold anomaly in soil and saprolite has been drawn using a contour line of 0.1 grams per tonne ("g/t") gold (see Figure 2). A reinterpretation of all analytical data related to the central part of Shirotnaia confirmed the presence of a greater than 0.1 g/t gold anomaly that measures 4,200 m long by 900 m wide. The shape of the north-eastern portion of this anomaly suggests that the anomaly continues plunging to the north-east. Also, two areas of sporadic gold anomalies occur south-westward and eastward of the central anomaly. These anomalies could be interpreted as areas where gold mineralization occurs at depth below the depth of the RAB drilling.

In the central part of Shirotnaia, an area that measures 1,700 m long by 750 m wide, the re-interpretation of the data has outlined the presence of numerous zones with gold values greater than 0.5 g/t (see Figure 3).

The 2010 exploration program at Shirotnaia (see Figure 3) is to continue core and non-core drilling to the south and northeast of the central part of the anomaly where KGK drilling in 2006 established significant intervals of gold mineralization. The first phase of drilling includes 26 holes for approximately 3,900 m. Assuming positive results, a second phase of core and non-core infill drilling totaling approximately 3,500 m is planned.

A full project description for the Shirotnaia Zone including geological setting, history and drilling results will be made available via the Corporation's website under the tab "Uzboy Project – Project Summaries".

RAB Drilling and Sampling Procedures:

An RAB drilling was utilized to complete the bedrock geochemical sampling program. Vertical 4 m deep RAB holes were drilled on profiles spaced 250 - 500 metres ("m") apart and the distance between holes was 25 - 50 m along the line. The interval from 2 to 4 m in each hole was collected for sampling and analysis.

The RAB holes have a 7.6 centimeter diameter. The cuttings from the interval sampled in each hole were mechanically split into four samples. The samples selected for analysis are placed in a cloth bag and weighed at the drill site. The weight of the samples ranged between 5 and 7 kilograms. Based on sample weight, the recovery from the holes is estimated to be almost 100%.

(1) As per KazakhGold's Annual Report & Accounts for the period January 1 to December 31, 2006

Sample preparation was completed by Chemical and Analytical Laboratory Quartz LLP located in Stepnogorsk using the following procedure: samples were pulverized in a jaw crusher to minus 1 mm, mixed and split into two 0.75 kilogram sub-samples. One sub-sample is ground to – 200 mesh and the other sub-sample is retained for reference purposes. A 10 gram sample of the –200 mesh material is used for atomic absorption analysis and the balance is retained for fire assaying and reference purposes. Chemical and Analytical Laboratory Quartz LLP is independent of Alhambra, is certified in the Republic of Kazakhstan and does not have an International Standard Organization ("ISO") rating.

Quality Control

Alhambra follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards, blanks and duplicates into the sample stream submitted to the laboratory for analysis.

Elmer B. Stewart, MSc. P. Geol., a technical consultant, is the Corporation's nominated Qualified Person and has reviewed and verified the technical information contained in this news release.

ABOUT ALHAMBRA

Alhambra is a Canadian based gold exploration and production corporation engaged in the exploration of and production from its 100% owned Uzboy Project. Alhambra is currently in its eighth year of operations in the Republic of Kazakhstan.

Alhambra common shares trade on The TSX Venture Exchange under the symbol ALH and in Germany on the Frankfurt Open Market under the symbol A4Y. The Corporation's website can be accessed at www.alhambraresources.com.

Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning the anticipated exploration drilling program and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of exploration, availability of capital to fund exploration; political, social and other risks inherent in carrying on business in a foreign jurisdiction, the effects of a recessionary economy and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

To view the accompanying Figures, please visit the following link: http://media3.marketwire.com/docs/alhfig414.pdf  

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alhambra Resources Ltd.
    Ihor P. Wasylkiw
    VP & Chief Information Officer
    (403) 508-4953
    or
    Alhambra Resources Ltd.
    John J. Komarnicki
    Chairman & CEO
    (403) 228-2855